Why oil is down by half, what it means for you
NEW YORK (AP) — The price of oil has fallen by nearly half in just six months, a surprising and steep plunge that has consumers cheering, producers howling and economists wringing their hands over whether this is a good or bad thing./ The price of a barrel of oil is just under $58, down from a summer high of $107, and lower than at any time since the U.S. was still in recession in the spring of 2009. So what's going on? A global imbalance of supply and demand that is rippling across the world economy, for better and worse. Years of high oil ...
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